Bloom Energy Corporation $BE Stock Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lifted its holdings in Bloom Energy Corporation (NYSE:BE) by 13.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 671,185 shares of the company’s stock after buying an additional 78,122 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Bloom Energy were worth $185,905,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BE. Jennison Associates LLC lifted its holdings in shares of Bloom Energy by 20,074.4% in the 1st quarter. Jennison Associates LLC now owns 2,687,029 shares of the company’s stock valued at $364,066,000 after acquiring an additional 2,673,710 shares during the last quarter. Bank of America Corp DE raised its position in Bloom Energy by 6.1% during the first quarter. Bank of America Corp DE now owns 2,211,880 shares of the company’s stock valued at $299,688,000 after purchasing an additional 126,649 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Bloom Energy by 78.3% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,327,549 shares of the company’s stock valued at $401,849,000 after purchasing an additional 583,135 shares during the period. Elemental Capital Partners LLC lifted its stake in shares of Bloom Energy by 2.5% in the 3rd quarter. Elemental Capital Partners LLC now owns 1,039,031 shares of the company’s stock valued at $287,791,000 after purchasing an additional 25,625 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Bloom Energy in the 2nd quarter valued at approximately $296,413,000. 77.04% of the stock is currently owned by hedge funds and other institutional investors.

Bloom Energy Stock Performance

BE stock opened at $202.46 on Monday. The company has a quick ratio of 3.08, a current ratio of 3.74 and a debt-to-equity ratio of 1.33. The business’s fifty day simple moving average is $248.16 and its two-hundred day simple moving average is $219.80. Bloom Energy Corporation has a twelve month low of $75.70 and a twelve month high of $351.28. The firm has a market cap of $59.86 billion, a price-to-earnings ratio of 124.21, a PEG ratio of 2.05 and a beta of 3.63.

Bloom Energy (NYSE:BE) last issued its earnings results on Thursday, October 22nd. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.25. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.07 billion. Bloom Energy had a net margin of 13.53% and a return on equity of 45.29%. The business’s revenue was up 138.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 earnings per share. Analysts predict that Bloom Energy Corporation will post 2.61 earnings per share for the current year.

Key Stories Impacting Bloom Energy

Here are the key news stories impacting Bloom Energy this week:

• Positive Sentiment: Bloom Energy’s addition to the S&P 500 in September increases its visibility and can create demand from index-tracking funds. Analysts also see substantial long-term opportunity as data centers and artificial-intelligence infrastructure require reliable power. Bloom Energy Just Joined the S&P 500. Here’s What History Says Happens Next.
• Positive Sentiment: A comparison with Plug Power favors BE on earnings growth, profitability and liquidity, supporting the view that Bloom is one of the stronger companies in the fuel-cell sector. Bloom Energy or Plug Power: Which Offers Better Long-Term Upside Now?
• Positive Sentiment: Recent coverage continues to highlight Bloom’s record quarter and explosive growth potential, while a recent analyst upgrade provided additional support for the stock’s investment case. Bloom Energy stock faces cash-flow test after record quarter

Analysts Set New Price Targets

BE has been the subject of a number of recent research reports. KeyCorp reiterated a “sector weight” rating on shares of Bloom Energy in a report on Friday, October 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Bloom Energy in a research report on Monday, October 19th. Robert W. Baird raised their price target on Bloom Energy from $310.00 to $351.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. TD Cowen raised shares of Bloom Energy to a “hold” rating in a research note on Monday, October 5th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $242.00 price objective on shares of Bloom Energy in a research report on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Bloom Energy has a consensus rating of “Hold” and a consensus price target of $264.33.

Insider Activity at Bloom Energy

In other Bloom Energy news, Director Jeffrey R. Immelt sold 30,000 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $238.91, for a total value of $7,167,300.00. Following the transaction, the director directly owned 201,243 shares in the company, valued at $48,078,965.13. This represents a 12.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Aman Joshi sold 8,437 shares of Bloom Energy stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $277.17, for a total transaction of $2,338,483.29. Following the sale, the insider directly owned 147,092 shares of the company’s stock, valued at $40,769,489.64. This represents a 5.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 74,698 shares of company stock worth $18,697,058 over the last ninety days. 3.00% of the stock is currently owned by company insiders.

Bloom Energy Profile

Bloom Energy Corporation develops and manufactures energy systems designed to generate electricity on-site. Its primary product is the Bloom Energy Server, a solid oxide fuel cell platform that converts fuel into electricity through an electrochemical process rather than combustion. The systems are used by businesses, utilities, data centers and other organizations seeking reliable, distributed power.

The company also develops electrolyzers based on its solid oxide technology. These systems are designed to produce hydrogen from electricity and water and support applications related to industrial operations, energy storage and the emerging hydrogen economy.